Department of Trade and Industry Secretary Alfredo Pascual said the rice price ceiling under Executive Order No. 39 will remain in effect for another two weeks before the government reviews the policy.
He said by the end of October this year, rice supply is expected at around five million metric tons as the harvest season will soon start. The DTI chief said EO 39 is a success since it made available affordable rice at the designated price ceiling amid the spike in prices of rice, which happened even though there is sufficient supply in the market.
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Where coherent policymaking goes to dieONLY in the Philippines can we find rice price caps coexisting side by side with the Rice Tariffication Law (RTL). Rice price caps represent the desperate, knee-jerk side of government economic intervention. The RTL is free market run amok; it mindlessly scrapped the quantitative restriction on the only commodity covered by a QR — rice — then lowered the rice tariffs on imports from quota countries (Asean). It then expanded the lower rice tariffs to include countries outside of the Asean (Association of Southeast Asian Nations), primarily India and Pakistan.As Rudyard Kipling once wrote, 'never the twain shall meet.' You can't have the two policies cohabiting under one roof because of their contradictory intent, divergent philosophical grounding and impact on the market. The two are never mixed up by a government where policymaking is guided by rational thinking and solid economics.The government can't mix up market interventionist policies like price caps with what are, at the fundamental level, unfettered free market policies like the RTL. By doing so, the government creates losers all around. That precisely happened right after the imposition of the price caps.Farmgate prices of palay (unmilled rice) dropped right after the caps took effect by at least P4 per kilo, thereby turning the rice farmers from 'dead men walking' to 'deader than dead.' There is no profit margin under the current depressed farmgate price, and always remember this: rice farming is an undertaking that does not factor in a cost for the labor of the rice farmer. Under the current farmgate prices, the rice farmer piles up calluses on his malnourished hands for nothing.Rice importers, whose sole operating philosophy is profit, have threatened to quit importing rice, and many more, reports say, have canceled orders. This will have two grim results. One is further supply tightening and the other is the inevitable pricing surge. Retailers, especially the small ones, are selling at a loss under dure
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